독일의 권고적 주주제안-현황과 전망, 한국에 주는 시사점 = Advisory Shareholder Proposals in Germany– Status and Prospects, and Implications for Korea -

국문 초록 (Abstract)

이 글은 독일의 권고적 주주제안(Advisory Shareholder Proposal)을 다루고 있는데 다음과 같은 순서와 내용으로 구성되어 있다.
첫 번째로, 회사의 ESG 정책에 대해 주주제안권이 활용될 가능성이 있는가를 검토하기 위해 독일의 주주제안권의 내용을 개관하였다.
두 번째로, 독일은 ESG 사안을 포함한 영업 정책(업무 집행)에 대한 권고적 주주제안을 인정하지 않고 있는데, 그 이유가 어디에 있는지 독일 주식법(AktG) 규정의 체계적 분석을 통해서 밝혀 보았다.
세 번째로, 법적으로 유일하게 허용되는 이사회의 권고적 제안에 따른 권고적 결의의 법적 성격에 대해 검토해 보았다.
네 번째로, ESG 정책을 포함한 영업 정책에 대해 권고적 주주제안이 허용되지 않는 상태에서 독일에서 주주가 회사의 ESG 정책에 영향을 미칠 수 있는 대체적 수단에 관한 분석을 하였다.
다섯 번째로, 권고적 주주제안을 도입하는 경우 고려하여야 할 정책적 관점(대립적 관점)을 검토하였다.
마지막으로, 결론에서는 주주의 권고적 제안을 인정하지 않는 독일의 현황을 요약하고, 독일에서의 권고적 주주제안 도입에 관한 전망을 하였다. 한국에 주는 시사점이라는 제목하에 권고적 주주제안 도입을 위한 법적 수단과 ESG 사안에 대한 권고적 주주제안의 구체적 도입 방안을 설명하였다.

다국어 초록 (Multilingual Abstract)

This article addresses advisory shareholder proposals in Germany and is organized as follows: First, an overview of the content of shareholder proposal rights in Germany is provided to examine the potential for shareholder proposal rights to be utilized for company ESG policies.
Second, a systematic analysis of the German Stock Corporation Act(AktG) regulations reveals why Germany does not recognize advisory shareholder proposals on business policies (business practices), including ESG issues.
Third, it examines the legal nature of the only legally permissible types of advisory resolutions based on a board's advisory proposal.
Fourth, it analyzes the alternative means by which shareholders can influence a company's ESG policy in Germany, where advisory shareholder proposals are not permitted for business policies, including ESG policies.
Fifth, it examines the policy perspectives that should be considered when introducing the advisory shareholder proposal (conflicting perspectives).
Finally, in the conclusion, it summarizes the current situation in Germany, which does not recognize shareholder advisory proposals, and provide an outlook for the introduction of the advisory shareholder proposal in Germany. Under the heading "Implications for Korea," the legal instruments for the introduction of the advisory shareholder proposal and the specific implementation of it on ESG issues were explained.

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